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Banks must do more to offset Woolworth’s and MFI closure.

27 November, 2008 - by Jennifer McCann

Sinn Fein MLA and Vice chair of the Committee for Enterprise, Trade & Investment Jennifer McCann has called on the banking institutions to do more to help businesses who are in difficulty. This follows both Woolworth's and MFI going into administration.

Speaking today Ms McCann said:

"Well established retail businesses such as Woolworth's and MFI are having to lay off workers due to their outlets having to go into administration.

"The economic recession has already impacted on a number of local businesses and resulted in increased unemployment.

"Sinn Fein will be seeking a meeting with management in order to establish what we can do to help safeguard the future of these jobs that are under serious threat. However banks and financial institutions need to do more to help offset these closures.

"Massive amounts of public money has recently been pumped in to the banking sector in order to keep the economy buoyant. This money was given to the banks in an effort to help stabilise businesses and to ensure that peoples jobs would be safeguarded.

"The banks and financial institutions need to do more to secure businesses and jobs. The financial rescue package they received from the tax payer wasn't given to them just to secure their own future, it was given to stabilise the economy. They need to act now."

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